Chinese fuel housing demand

A sharp rise in the number of mainland Chinese seeking to emigrate to Australia looks set to fuel a surge in demand for residential property, particularly high rise apartments.

A comprehensive survey of Chinese investment in Australian property released yesterday estimates around 10 million wealthy mainland Chinese families want to emigrate to Australia, with education of their children and a cleaner environment cited as key reasons.

Chinese buyers overtook Americans to become the biggest purchasers of Australian real estate in the year to June last year, putting $5.9 billion into commercial and residential property, a rise of 42 per cent.

A federal parliamentary committee is currently investigating whether overseas investment, particularly from China, is driving up property prices.